DGAP-Ad hoc: Marenave Schiffahrts AG

DGAP-Adhoc: Marenave Schiffahrts AG: Restoration of positive going concern forecast; resumption of restructuring negotiations

Marenave Schiffahrts AG / Key word(s): Letter of Intent/Banking Syndicate

24.11.2016 23:37

Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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After having communicated by an ad-hoc announcement on 7 November 2016 that two banks financing the Marenave-fleet will not support the restructuring concept negotiated so far, Marenave Schiffahrts AG (Marenave or Company) has conducted promising negotiations with the financing banks in order to prevent insolvency for Marenave and companies of Marenave-Group.

Already at the beginning of this week some of the financing banks notified the Company that they will support a restructuring concept outside insolvency. Today the Company received further statements by the respective banks, according to which they will for a limited period of time seriously demand payment from the single ship companies of the amounts due under the respective ship financing loans only to the extent the respective single ship companies actually have the financial capacity to make such payments in light of their revenue situation and the liquidity accumulated until the relevant due dates. At the same time Marenave shall not be held liable under the guarantees given for the respective ship financing loans.

Against this background, after careful examination the Management Board of the Company has concluded that the positive going concern forecast ('positive Fortbestehensprognose') is restored for the Company and that all single ship companies are solvent.

Probably until 9 December 2016 inter alia a paper with key issues for a restructuring agreement between the Company and some of the financing banks shall be concluded.

The Management Board

24.11.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

--------------------------------------------------------------------------- Language: English Company: Marenave Schiffahrts AG Caffamacherreihe 7 20355 Hamburg Germany Phone: 040 / 28 41 93 0 Fax: 040 / 28 41 93 297 E-mail: info@marenave.com Internet: www.marenave.com ISIN: DE000A0H1GY2 WKN: A0H1GY Listed: Regulated Market in Hamburg; Regulated Unofficial Market in Berlin, Munich; Open Market in Frankfurt End of Announcement DGAP News-Service ---------------------------------------------------------------------------